CBOT Trends – Corn, soy up 1 to 2 cents; wheat flat to down 2 cents

CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Wednesday.

WHEAT – Flat to down 2 cents per bushel
Consolidating in technically driven trade after dropping to a two-week low in the overnight session. Prices anchored by ample global grain stocks and forecasts for rains in parts of southern US Plains wheat growing region.

Market awaiting results in global wheat tender issued by Egypt’s state buyer on Tuesday in which the lowest offer was $208.08 for wheat shipped between March 22 and April 1.
CBOT March soft red winter wheat last traded up 1/4 cent at $4.49-1/2 per bushel. K.C. March hard red winter wheat was down 2-3/4 cents at $4.69 and MGEX March spring wheat was up 1-3/4 cent at $6.04-1/4.
CORN – Up 1 to 2 cents per bushel
Corn futures bounced from overnight one-week low, underpinned by strong global demand for US supplies that contributed to higher bids in the corn export barge market.
CBOT March corn last traded up 1-3/4 cents at $3.67-1/4 a bushel, still below the contract’s four-month peak of $3.70 reached on Tuesday.

SOYBEANS – Up 1 to 2 cents per bushelSoybeans were consolidating in the wake of Tuesday’s multimonth peaks and subsequent steep drop. Soymeal futures were nearly flat following Tuesday’s life-of-contract highs.
Drought-like growing conditions for soy in Argentina continued to support prices.
CBOT March soybeans last traded up 1/2 cent at $10.27 per bushel.